Solana recently experienced an unprecedented spike in on-chain transfer volume, with an astounding $224 billion worth of transactions occurring within a single day—nearly triple SOL’s total market cap of $76 billion. This surge in activity appears to be largely due to an active wallet, possibly an arbitrage bot, utilizing multiple accounts. Since ramping up its transactions in early October, this wallet’s activity has likely contributed to the recent rise in transaction fees on the Solana network. #Solana recently saw a massive spike in on-chain transfer volume, peaking at around $224 billion in a single day – nearly 3x the entire
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